BofA Launches Omni-Channel Approach to Cross-Currency Transactions

Clients Can Now Trade and Settle Payments in Over 140 Currencies via API, SWIFT, CashPro

October 7, 2020 at 9:00 AM Eastern

Bank of America is responding to the dual imperatives of cross-currency transactions – technology innovation and client demand for improved efficiency – with an omni-channel offering that now includes API (application programming interface) and mobile connectivity.

“We are pleased to introduce new functionality that gives clients greater ease and control to manage their rapidly growing cross-border payments volume,” said Doug Houser, head of Transactional FX in Global Transaction Services (GTS) at Bank of America. “With the ability to mix and match different channels for trading and settling, we’re giving companies the ultimate convenience in managing cross-currency payments.”

New capabilities include:

  • FX Trading API that enables live trading with our global foreign exchange desk.
  • Guaranteed Rates API that holds rates for extended periods of time, up to 180 days.
  • FX Payments API that enables a company to bundle payments into one foreign exchange transaction or associate multiple payments with a single trade.
  • Settle API booked FX Trades via SWIFT FIN standard messaging.
  • Mobile access to expanded cross-currency payment capabilities via the CashPro® app.

Many clients, including financial institutions, can now get direct access to more than 100 currencies and effectively trade anywhere and settle anywhere. For instance, a client could trade via API and settle via SWIFT, or trade online and settle via API.

“The pressure to have real-time information has never been greater,” said Paul Taylor, head of Global Financial Institution Sales in GTS at Bank of America. “Through our APIs and mobile connectivity, clients will now have rate and payment statuses at their fingertips, enabling them to share foreign exchange rates with their own customers almost instantly.”

Since launching, the FX APIs have been popular with clients particularly in industries such as banking and non-banking financial institutions, retail, and technology. The FX APIs are ideally suited to a company where the priorities are the foreign exchange rate, the speed, and the convenience of making a payment. They’re also well-suited for companies that have separate teams managing payments and FX trading.

 

Bank of America

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 3,000 lending centers, 2,700 financial centers with a Consumer Investment Financial Solutions Advisor and approximately 2,100 business centers; approximately 16,900 ATMs; and award-winning digital banking with approximately 39 million active users, including approximately 30 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

“Bank of America” is the marketing name used by certain Global Banking and Global Markets businesses of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. © 2020 Bank of America Corporation. All rights reserved.

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Reporters may contact:
Louise Hennessy, Bank of America
Phone: 1.646.858.6471
louise.hennessy@bofa.com

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